Under Armour, Inc. (NYSE: UA, UAA) has reported a higher net profit and revenue for the third quarter of 2023, reflecting strong growth in the footwear division.
The company reported earnings of $0.16 per share for the most recent quarter, on an adjusted basis. On an unadjusted basis, it was a profit of $121.6 million or $0.27 per share in the third quarter, compared to $109.7 million or $0.23 per share last year.
Revenues increased 3% year-over-year to $1.58 billion in the December quarter. Strong growth in the footwear segment more than offset weakness in the other divisions.
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“Moving forward, I’m excited to partner with Stephanie Linnartz to advance our strategic consumer and product refinements further – leveraging Under Armour’s strong brand to drive sustainable, profitable growth,” said Under Armour’s interim CEO Colin Browne.